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July Market Action – Inventory

RMLS (Regional Multiple Listing Service) has released the residential review for the Portland Metro area.
NAR (National Association of Realtors) also put out numbers, you can read their report here.
As expected the pending sales that were generated as part of the tax credit have closed, so the number of sales has dropped significantly (both on a month-to-month and year ago analysis). Sales prices have also fallen, though much less dramatically. Given that the credit is out of the mix, I’m hoping that we will see more stable sales numbers in coming months, but I’ll keep you informed whichever way it goes. As always, if you have any metro area real estate questions don’t hesitate to give me a call at 503-453-6156.